Buzz People

Pensions: Automatic saving to start at 18 under new plans

Every worker aged 18 or over will begin saving into a workplace pension unless they opt out, under government plans to extend its automatic enrolment scheme.
At present, the scheme means employers must enrol staff aged 22 and over and earning above £10,000 into a pension.
Ministers hope to reduce the minimum age to 18 in the mid 2020s, and say it will affect about 900,000 young people.
The system has been credited with ensuring more prepare for older age, but it means extra costs for employers.
It has been introduced gradually since October 2012.
Register Now